A Guide to the Singapore Regulations for Cryptoasset Businesses

Singapore is one of few countries with robust and yet progressive laws to regulate cryptocurrencies, enabling cryptoasset businesses to operate freely in the country. In fact, some of the largest cryptocurrency businesses call the Island nation their home. Authorities in Singapore have been working on developing the country as a Smart Financial Centre for many decades now — through FinTech and innovations such as cryptocurrencies — and its sophisticated regulatory frameworks are paving the way toward its goal.

Our guide to the Singapore regulations for crypto businesses provides you with a comprehensive overview of current and upcoming regulations, the MAS’s licensing procedure, and AML/CFT compliance requirements.


Why read this guide?

  • Comprehensive overview of all cryptocurrency regulations in Singapore
  • Details about MAS’ licensing regime and how you can apply for it
  • Coverage of proposed regulations in Singapore
  • Overview of the MAS’s AML/CTF compliance requirements
  • Recommendations from Merkle Science on how we can help you

Authors

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Nizam Ismail

Founder and CEO

Ethikom Consultancy

Mriganka Pattnaik

Co-founder and CEO

Merkle Science

Who We Are?

Merkle Science provides blockchain transaction monitoring and intelligence solutions for cryptoasset service providers and financial institutions to address their risk exposure to virtual currency-related crime in accordance with FCA AML/CTF compliance requirements. Our Blockchain Monitor enables compliance teams to go beyond blacklists and configure custom risk rules to identify and detect high-risk transactions or addresses.

Why Merkle Science for MAS Compliance

Automate Compliance and AML Process

Customize Risk Parameters

Our unique Behavior-based Rule Engine allows you to customize risk parameters and monitor suspicious transaction patterns not associated with known sanction lists or blacklisted entities. Blockchain Monitor facilitates real-time transaction monitoring by combining thousands of services transacting in cryptocurrencies and creating clusters of activity for specific addresses.

Automate intricate and time-consuming AML processes, from basic AML/CFT automation to advanced custom reporting. Our cutting-edge technology enables you to easily automate complex compliance protocols and meet regulatory requirements.

Comply With Local & Global Regulations

Onboard Customers Confidently

Blockchain Monitor was designed with a compliance team’s workflow in mind. Enabling you to maintain a record of every step leading to compliance decisions on a single platform. Generating and filing Suspicious Activity Reports (SAR) and Suspicious Transaction Reports (STR), and maintaining transaction analysis and audit trail records, which can be simply shared with law enforcement agencies and banks.

Screen every customer before establishing a business relationship with them, and filter individuals and groups trying to conceal their identity. Regular retrospective screening ensures that existing customers have not involved themselves in money laundering, terrorist financing, or other illicit activities subsequent to joining your client base.

Integrate Easily

Available as a standalone solution or as an embedded API, Blockchain Monitor easily integrates with your existing infrastructure. It combines industry-leading blockchain analysis, an easy-to-navigate dashboard, and a real-time API to create a flawless and simple user-experience.

Testimonials

"Merkle Science’s impressive suite of blockchain transaction monitoring solutions immediately supports our efforts to comply with the latest AML/CFT regulations in Singapore, and provides real time results that are of great value add for digital asset businesses. Their local presence in Singapore has also allowed for greater alignment with our commercial goals, and will allow us to further enhance our product offerings for our customer base."

Gerry Eng

Co-founder and CTO

“Merkle Science is a known and trusted name in the industry. More than just the years of experience they bring with them, Merkle Science has long been recommended by the Singapore Fintech Association for their strict compliance with industry regulations. What we’re doing with Merkle Science is just the next logical step in creating a safer platform backed by blockchain and crypto-assets. The sooner we develop a healthy ecosystem around these technologies, the better.”


Zac Cheah
Co-founder and CEO

How Merkle Science's Predictive Crypto Risk & Intelligence Platform Works

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